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17400.00000000 NS USD 10786782.00000000 0.484843854617 Long EC CORP US N 1 N N N VALERO ENERGY CORP 549300XTO5VR8SKV1V74 VALERO ENERGY CORP 91913Y100 173000.00000000 NS USD 9098070.00000000 0.408939693820 Long EC CORP US N 1 N N N NVR INC 529900RWXR4JI3JYTV70 NVR INC 62944T105 3110.00000000 NS USD 12963537.40000000 0.582684571033 Long EC CORP US N 1 N N N GOLDMAN SACHS GROUP INC (THE) 784F5XWPLTWKTBV3E584 GOLDMAN SACHS GROUP INC 38141G104 84900.00000000 NS USD 17393463.00000000 0.781800693299 Long EC CORP US N 1 N N N OAK STREET HEALTH INC N/A OAK STREET HEALTH INC 67181A107 3500.00000000 NS USD 156205.00000000 0.007021096218 Long EC CORP US N 1 N N N MILM WM HLDGS LLC N/A MILM WM HLDGS LLC N/A 3929314.00000000 NS USD 5854677.86000000 0.263155831015 Long EC CORP US Y 3 N N N AMPHENOL CORPORATION NEW 549300D3L3G0R4U4VT04 AMPHENOL CORPORATION CL A 032095101 179682.00000000 NS USD 19729083.60000000 0.886782076499 Long EC CORP US N 1 N N N HISCOX LTD 5493007JXOLJ0QCY2D70 HISCOX LTD (NE 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949746101 1700600.00000000 NS USD 41069490.00000000 1.845989827067 Long EC CORP US N 1 N N N DUKE ENERGY CORP NEW I1BZKREC126H0VB1BL91 DUKE ENERGY CORP NEW 26441C204 264000.00000000 NS USD 21209760.00000000 0.953335461300 Long EC CORP US N 1 N N N PELOTON INTERACTIVE INC 5493002YS021166W0339 PELOTON INTERACTIVE INC CL A 70614W100 494716.00000000 NS USD 37929875.72000000 1.704870567446 Long EC CORP US N 1 N N N NOVAGOLD RESOURCES INC 529900587LVZTJ2BHS60 NOVAGOLD RESOURCES INC 66987E206 1442480.00000000 NS 15316707.94000000 0.688454788247 Long EC CORP CA N 1 N N N VICI PPTYS INC 254900RKH6RY9KCJQH63 VICI PPTYS INC 925652109 503700.00000000 NS USD 11252658.00000000 0.505784030808 Long EC CORP US N 1 N N N KROGER CO 6CPEOKI6OYJ13Q6O7870 KROGER CO 501044101 491700.00000000 NS USD 17543856.00000000 0.788560551970 Long EC CORP US N 1 N N N SWEETGREEN INC N/A SWEETGREEN INC SER D PC P/P N/A 25534.00000000 NS USD 399607.10000000 0.017961524270 Long EP CORP US Y 3 N N N PENTAIR PLC 549300EVR9D56WPSRP15 PENTAIR PLC N/A 148600.00000000 NS USD 6707804.00000000 0.301502111323 Long EC CORP IE N 1 N N N UNITEDHEALTH GROUP INC 549300GHBMY8T5GXDE41 UNITEDHEALTH GROUP INC 91324P102 134100.00000000 NS USD 41912955.00000000 1.883901858833 Long EC CORP US N 1 N N N US ECOLOGY INC N/A US ECOLOGY INC 91734M103 142656.00000000 NS USD 5296817.28000000 0.238081135526 Long EC CORP US N 1 N N N GENERAL DYNAMICS CORP 9C1X8XOOTYY2FNYTVH06 GENERAL DYNAMICS CORPORATION 369550108 131800.00000000 NS USD 19684330.00000000 0.884770493440 Long EC CORP US N 1 N N N BEST BUY CO INC HL5XPTVRV0O8TUN5LL90 BEST BUY CO INC 086516101 119500.00000000 NS USD 13253745.00000000 0.595728810865 Long EC CORP US N 1 N N N PVH CORP 123WALMHY1GZXG2YDL90 PVH CORP 693656100 120000.00000000 NS USD 6691200.00000000 0.300755795381 Long EC CORP US N 1 N N N VIELA BIO INC N/A VIELA BIO INC 926613100 121600.00000000 NS USD 4096704.00000000 0.184138490848 Long EC CORP US N 1 N N N KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC N/A KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC 499049104 371386.00000000 NS USD 16883207.56000000 0.758865751778 Long EC CORP US N 1 N N BUTTERFLY NETWORK INC N/A BUTTERFLY NETWORKS INC CONV 5% 05/21/2022 PP N/A 4031800.00000000 PA USD 4031800.00000000 0.181221188399 Long EP CORP US Y 3 N N N DIAGEO PLC 213800ZVIELEA55JMJ32 DIAGEO PLC SPON ADR 25243Q205 75000.00000000 NS USD 10080000.00000000 0.453075444979 Long EC CORP GB N 1 N N N ALLBIRDS INC N/A ALLBIRDS INC SER C PC PERP PP N/A 14735.00000000 NS USD 170336.60000000 0.007656282821 Long EP CORP US Y 3 N N N NUTRIEN LTD 5493002QQ7GD21OWF963 NUTRIEN LTD 67077M108 176520.00000000 NS 6537878.02000000 0.293864285033 Long EC CORP CA N 1 N N N MORGAN STANLEY IGJSJL3JD5P30I6NJZ34 MORGAN STANLEY 617446448 321300.00000000 NS USD 16791138.00000000 0.754727412804 Long EC CORP US N 1 N N N LG CHEMICAL LTD NEW 988400IES4EIG7O06940 LG CHEMICAL LTD N/A 29100.00000000 NS 18133818.38000000 0.815078157906 Long EC CORP KR N 1 N N N NORTHERN TRUST CORP 549300GLF98S992BC502 NORTHERN TRUST CORP 665859104 147200.00000000 NS USD 12054208.00000000 0.541812068797 Long EC CORP US N 1 N N N SOUTHERN COMPANY 549300FC3G3YU2FBZD92 SOUTHERN CO 842587107 295600.00000000 NS USD 15424408.00000000 0.693295686324 Long EC CORP US N 1 N N N EURONET WORLDWIDE INC YG3575C4DSHJPA5KET68 EURONET WORLDWIDE INC 298736109 61000.00000000 NS USD 6306180.00000000 0.283449931510 Long EC CORP US N 1 N N N ENERGY TRANSFER LP MTLVN9N7JE8MIBIJ1H73 ENERGY TRANSFER LP 29273V100 725500.00000000 NS USD 4657710.00000000 0.209354566551 Long EC CORP US N 1 N N N PACIFIC DRILLING V LTD 549300VEJMMZCY6OBU06 PACIFIC DRILLING SA N/A 394783.00000000 NS USD 98458.88000000 0.004425525879 Long EC CORP LU N 1 N N LAM RESEARCH CORP 549300I4GMO6D34U1T02 LAM RESEARCH CORP 512807108 31200.00000000 NS USD 10493808.00000000 0.471675270747 Long EC CORP US N 1 N N N VEREIT INC 5493002H54FNIBW75H44 VEREIT INC 92339V100 786500.00000000 NS USD 5285280.00000000 0.237562558317 Long EC CORP US N 1 N N N COMERICA INC I9Q57JVPWHHZ3ZGBW498 COMERICA INC 200340107 176400.00000000 NS USD 6973092.00000000 0.313426265950 Long EC CORP US N 1 N N N METLIFE INC C4BXATY60WC6XEOZDX54 METLIFE INC 59156R108 366300.00000000 NS USD 14087898.00000000 0.633222287220 Long EC CORP US N 1 N N N INTUITIVE SURGICAL INC 54930052SRG011710797 INTUITIVE SURGICAL INC 46120E602 26800.00000000 NS USD 19586512.00000000 0.880373773809 Long EC CORP US N 1 N N N 2020-09-30 Stacie M. Smith Stacie M. Smith Stacie M. Smith President and Treasurer XXXX NPORT-EX 2 QTLY_300_20200831.htm

Quarterly Holdings Report
for

Fidelity® New Millennium Fund®

August 31, 2020







NMF-QTLY-1020
1.805750.116





Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 6.4%   
Diversified Telecommunication Services - 2.1%   
Cogent Communications Group, Inc. 133,200 $8,959 
Verizon Communications, Inc. 633,500 37,548 
  46,507 
Entertainment - 0.3%   
WME Entertainment Parent, LLC Class A (a)(b)(c)(d) 3,929,314 5,855 
Media - 3.0%   
Comcast Corp. Class A 1,377,900 61,744 
Sinclair Broadcast Group, Inc. Class A (e) 220,000 4,578 
  66,322 
Wireless Telecommunication Services - 1.0%   
T-Mobile U.S., Inc. 202,137 23,585 
TOTAL COMMUNICATION SERVICES  142,269 
CONSUMER DISCRETIONARY - 12.0%   
Automobiles - 1.4%   
Aston Martin Lagonda Global Holdings PLC (a)(e)(f) 6,167,500 4,646 
Fiat Chrysler Automobiles NV 1,356,900 14,967 
General Motors Co. (e) 404,600 11,988 
  31,601 
Hotels, Restaurants & Leisure - 0.9%   
Churchill Downs, Inc. 59,300 10,363 
Dunkin' Brands Group, Inc. 137,500 10,461 
  20,824 
Household Durables - 1.8%   
D.R. Horton, Inc. 260,300 18,578 
Mohawk Industries, Inc. (a) 82,300 7,599 
NVR, Inc. (a) 3,110 12,964 
  39,141 
Internet & Direct Marketing Retail - 1.0%   
Coupang unit (c)(d) 734,506 5,509 
The Booking Holdings, Inc. (a) 8,300 15,857 
  21,366 
Leisure Products - 2.4%   
American Outdoor Brands, Inc. (a) 122,325 1,863 
New Academy Holding Co. LLC unit (a)(c)(d)(g) 66,000 3,619 
Peloton Interactive, Inc. Class A (a) 494,716 37,930 
Smith & Wesson Brands, Inc. (a) 489,300 8,935 
  52,347 
Specialty Retail - 2.6%   
AutoZone, Inc. (a) 10,300 12,322 
Best Buy Co., Inc. 119,500 13,254 
National Vision Holdings, Inc. (a) 325,200 12,218 
TJX Companies, Inc. 381,000 20,875 
  58,669 
Textiles, Apparel & Luxury Goods - 1.9%   
Allbirds, Inc. (a)(c)(d) 22,235 257 
Brunello Cucinelli SpA 822,600 25,955 
PVH Corp. 120,000 6,691 
Tapestry, Inc. 374,300 5,513 
Under Armour, Inc. Class A (sub. vtg.) (a) 408,400 4,006 
  42,422 
TOTAL CONSUMER DISCRETIONARY  266,370 
CONSUMER STAPLES - 4.1%   
Beverages - 0.4%   
Diageo PLC sponsored ADR 75,000 10,080 
Food & Staples Retailing - 0.8%   
Kroger Co. 491,700 17,544 
Food Products - 0.9%   
Danone SA 153,900 10,120 
Greencore Group PLC 5,282,961 8,877 
  18,997 
Household Products - 0.7%   
Reckitt Benckiser Group PLC 165,200 16,583 
Personal Products - 1.3%   
Edgewell Personal Care Co. (a) 325,400 9,342 
Unilever NV 320,300 18,612 
  27,954 
TOTAL CONSUMER STAPLES  91,158 
ENERGY - 9.5%   
Energy Equipment & Services - 0.9%   
Borr Drilling Ltd. (a)(e) 816,640 718 
Oceaneering International, Inc. (a) 523,752 2,823 
Odfjell Drilling Ltd. (a) 3,992,224 5,301 
Pacific Drilling SA (a)(e) 394,783 98 
Schlumberger Ltd. 448,300 8,522 
TechnipFMC PLC 302,000 2,325 
  19,787 
Oil, Gas & Consumable Fuels - 8.6%   
BP PLC sponsored ADR 595,573 12,465 
Cabot Oil & Gas Corp. 523,300 9,927 
Cenovus Energy, Inc. (Canada) 2,309,000 10,905 
Cheniere Energy, Inc. (a) 372,000 19,363 
Energy Transfer Equity LP 725,500 4,658 
Exxon Mobil Corp. 1,131,800 45,204 
GasLog Ltd. (e) 438,641 1,294 
Golar LNG Ltd. (a)(e) 791,400 8,191 
Hess Corp. (e) 701,600 32,302 
Kosmos Energy Ltd. 2,698,800 3,967 
New Fortress Energy LLC 474,900 12,713 
The Williams Companies, Inc. 978,297 20,309 
Valero Energy Corp. 173,000 9,098 
  190,396 
TOTAL ENERGY  210,183 
FINANCIALS - 17.3%   
Banks - 6.7%   
Bank of America Corp. 2,136,500 54,994 
Comerica, Inc. 176,400 6,973 
HDFC Bank Ltd. sponsored ADR 237,800 11,795 
PNC Financial Services Group, Inc. 217,500 24,186 
Wells Fargo & Co. 1,700,600 41,069 
Wintrust Financial Corp. 201,300 8,761 
  147,778 
Capital Markets - 4.3%   
Goldman Sachs Group, Inc. 84,900 17,393 
Morgan Stanley 321,300 16,791 
Northern Trust Corp. 147,200 12,054 
The NASDAQ OMX Group, Inc. 139,300 18,725 
TPG Specialty Lending, Inc. 1,082,339 19,049 
Virtu Financial, Inc. Class A 444,695 11,486 
  95,498 
Insurance - 4.9%   
American International Group, Inc. 1,009,500 29,417 
Arch Capital Group Ltd. (a) 625,100 19,716 
Chubb Ltd. 204,109 25,514 
First American Financial Corp. 130,200 6,845 
Hiscox Ltd. 663,207 7,034 
MetLife, Inc. 366,300 14,088 
RenaissanceRe Holdings Ltd. 34,200 6,284 
  108,898 
Thrifts & Mortgage Finance - 1.4%   
Housing Development Finance Corp. Ltd. 341,868 8,552 
Radian Group, Inc. 1,499,623 23,154 
  31,706 
TOTAL FINANCIALS  383,880 
HEALTH CARE - 16.0%   
Biotechnology - 1.8%   
Amgen, Inc. 97,300 24,648 
Regeneron Pharmaceuticals, Inc. (a) 17,400 10,787 
Viela Bio, Inc. 121,600 4,097 
  39,532 
Health Care Equipment & Supplies - 4.6%   
Becton, Dickinson & Co. 93,200 22,626 
Boston Scientific Corp. (a) 618,800 25,383 
Danaher Corp. 114,400 23,620 
Hologic, Inc. (a) 176,800 10,558 
Intuitive Surgical, Inc. (a) 26,800 19,587 
  101,774 
Health Care Providers & Services - 4.4%   
Centene Corp. (a) 303,700 18,623 
Cigna Corp. 107,600 19,085 
Oak Street Health, Inc. (a) 3,500 156 
Oak Street Health, Inc. 273,633 10,991 
UnitedHealth Group, Inc. 134,100 41,913 
Universal Health Services, Inc. Class B 71,900 7,934 
  98,702 
Life Sciences Tools & Services - 0.7%   
Bruker Corp. 353,022 14,834 
Pharmaceuticals - 4.5%   
Bristol-Myers Squibb Co. 405,900 25,247 
Eli Lilly & Co. 181,100 26,873 
Kala Pharmaceuticals, Inc. (a) 437,700 3,896 
Prestige Brands Holdings, Inc. (a) 233,500 8,506 
Roche Holding AG (participation certificate) 60,080 21,017 
Sanofi SA 138,300 14,008 
  99,547 
TOTAL HEALTH CARE  354,389 
INDUSTRIALS - 13.6%   
Aerospace & Defense - 4.0%   
General Dynamics Corp. 131,800 19,684 
Huntington Ingalls Industries, Inc. 123,100 18,652 
Kratos Defense & Security Solutions, Inc. (a) 530,000 10,362 
Northrop Grumman Corp. 73,500 25,182 
Space Exploration Technologies Corp.:   
Class A (a)(c)(d) 58,589 15,819 
Class C (a)(c)(d) 818 221 
  89,920 
Air Freight & Logistics - 0.4%   
XPO Logistics, Inc. (a) 108,800 9,604 
Building Products - 0.5%   
Fortune Brands Home & Security, Inc. 140,500 11,813 
Commercial Services & Supplies - 1.3%   
IAA Spinco, Inc. (a)(e) 198,100 10,365 
KAR Auction Services, Inc. 225,000 3,902 
Stericycle, Inc. (a) 155,200 9,950 
U.S. Ecology, Inc. 142,656 5,297 
  29,514 
Construction & Engineering - 0.8%   
AECOM (a) 261,500 10,332 
Argan, Inc. 170,800 7,230 
  17,562 
Electrical Equipment - 0.3%   
Melrose Industries PLC 4,820,328 6,560 
Industrial Conglomerates - 3.7%   
General Electric Co. 12,927,100 81,954 
Machinery - 1.2%   
Donaldson Co., Inc. 220,900 11,125 
Ingersoll Rand, Inc. (a) 236,500 8,292 
Pentair PLC 148,600 6,708 
  26,125 
Marine - 0.6%   
Goodbulk Ltd. (a)(d) 959,290 12,301 
Road & Rail - 0.8%   
Knight-Swift Transportation Holdings, Inc. Class A (e) 371,386 16,883 
TOTAL INDUSTRIALS  302,236 
INFORMATION TECHNOLOGY - 10.7%   
Communications Equipment - 2.1%   
Cisco Systems, Inc. 749,700 31,652 
Ericsson (B Shares) 1,313,400 15,314 
  46,966 
Electronic Equipment & Components - 1.4%   
Amphenol Corp. Class A 179,682 19,729 
Keysight Technologies, Inc. (a) 123,700 12,187 
  31,916 
IT Services - 4.5%   
Akamai Technologies, Inc. (a) 137,000 15,951 
Black Knight, Inc. (a) 121,749 10,239 
Euronet Worldwide, Inc. (a) 61,000 6,306 
Fidelity National Information Services, Inc. 128,000 19,309 
Fiserv, Inc. (a) 
Leidos Holdings, Inc. 99,300 8,986 
Visa, Inc. Class A 186,100 39,451 
  100,242 
Semiconductors & Semiconductor Equipment - 2.7%   
Analog Devices, Inc. 96,000 11,220 
Lam Research Corp. 31,200 10,494 
NVIDIA Corp. 69,300 37,074 
  58,788 
TOTAL INFORMATION TECHNOLOGY  237,912 
MATERIALS - 4.3%   
Chemicals - 1.3%   
LG Chemical Ltd. 29,100 18,134 
Nutrien Ltd. 176,520 6,538 
Olin Corp. 328,500 3,696 
  28,368 
Containers & Packaging - 1.0%   
Avery Dennison Corp. 61,300 7,073 
O-I Glass, Inc. 1,314,200 14,298 
  21,371 
Metals & Mining - 2.0%   
Franco-Nevada Corp. 133,400 20,063 
Newcrest Mining Ltd. 422,346 9,956 
Novagold Resources, Inc. (a) 1,442,480 15,317 
  45,336 
TOTAL MATERIALS  95,075 
REAL ESTATE - 2.3%   
Equity Real Estate Investment Trusts (REITs) - 2.3%   
Cousins Properties, Inc. 193,288 5,770 
Gaming & Leisure Properties 180,282 6,553 
Healthcare Trust of America, Inc. 244,500 6,452 
Simon Property Group, Inc. 85,200 5,781 
Spirit Realty Capital, Inc. 294,660 10,463 
VEREIT, Inc. 786,500 5,285 
VICI Properties, Inc. 503,700 11,253 
  51,557 
UTILITIES - 1.6%   
Electric Utilities - 1.6%   
Duke Energy Corp. 264,000 21,210 
Southern Co. 295,600 15,424 
  36,634 
TOTAL COMMON STOCKS   
(Cost $1,990,599)  2,171,663 
Convertible Preferred Stocks - 0.9%   
CONSUMER DISCRETIONARY - 0.3%   
Textiles, Apparel & Luxury Goods - 0.3%   
Allbirds, Inc.:   
Series A (a)(c)(d) 8,775 101 
Series B (a)(c)(d) 1,540 18 
Series C (a)(c)(d) 14,735 170 
Series D (c)(d) 28,273 327 
Series Seed (a)(c)(d) 41,664 482 
Bolt Threads, Inc. Series D (a)(c)(d) 390,327 6,866 
  7,964 
CONSUMER STAPLES - 0.1%   
Food & Staples Retailing - 0.1%   
Sweetgreen, Inc.:   
Series C (c)(d) 1,587 25 
Series D (c)(d) 25,534 400 
Series I (c)(d) 60,179 942 
  1,367 
HEALTH CARE - 0.4%   
Health Care Equipment & Supplies - 0.4%   
Butterfly Network, Inc. Series D (a)(c)(d) 658,083 8,687 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp. Series H (a)(c)(d) 7,570 2,044 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $16,590)  20,062 
 Principal Amount (000s) Value (000s) 
Corporate Bonds - 0.1%   
Convertible Bonds - 0.1%   
CONSUMER DISCRETIONARY - 0.1%   
Textiles, Apparel & Luxury Goods - 0.1%   
Bolt Threads, Inc. 3% 2/7/23 (c)(d) 2,915 2,915 
Nonconvertible Bonds - 0.0%   
ENERGY - 0.0%   
Energy Equipment & Services - 0.0%   
Pacific Drilling SA 12% 4/1/24 pay-in-kind (f)(h) 214 
TOTAL CORPORATE BONDS   
(Cost $3,132)  2,917 
Preferred Securities - 0.2%   
HEALTH CARE - 0.2%   
Health Care Equipment & Supplies - 0.2%   
Butterfly Network, Inc. 5% 5/21/22
(Cost $4,032)(c)(d) 
4,032 4,032 
 Shares Value (000s) 
Other - 0.2%   
Other - 0.2%   
Utica Shale Drilling Program (non-operating revenue interest) (b)(c)(d) 6,453,247 498 
Utica Shale Drilling Program (non-operating revenue interest) 10% 10/5/23 (b)(c)(d) 5,578,431 3,626 
TOTAL OTHER   
(Cost $8,383)  4,124 
Money Market Funds - 1.7%   
Fidelity Cash Central Fund 0.12% (i) 17,720,938 17,724 
Fidelity Securities Lending Cash Central Fund 0.11% (i)(j) 20,496,416 20,498 
TOTAL MONEY MARKET FUNDS   
(Cost $38,222)  38,222 
TOTAL INVESTMENT IN SECURITIES - 100.9%   
(Cost $2,060,958)  2,241,020 
NET OTHER ASSETS (LIABILITIES) - (0.9)%  (19,437) 
NET ASSETS - 100%  $2,221,583 

Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

Legend

 (a) Non-income producing

 (b) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (c) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $62,413,000 or 2.8% of net assets.

 (d) Level 3 security

 (e) Security or a portion of the security is on loan at period end.

 (f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,648,000 or 0.2% of net assets.

 (g) Investment is owned by an entity that is treated as a U.S. Corporation for tax purposes in which the Fund holds a percentage ownership.

 (h) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (j) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
Allbirds, Inc. 10/9/18 $244 
Allbirds, Inc. Series A 10/9/18 $96 
Allbirds, Inc. Series B 10/9/18 $17 
Allbirds, Inc. Series C 10/9/18 $162 
Allbirds, Inc. Series D 12/23/19 $364 
Allbirds, Inc. Series Seed 10/9/18 - 1/23/20 $416 
Bolt Threads, Inc. Series D 12/13/17 $6,261 
Bolt Threads, Inc. 3% 2/7/23 2/7/20 $2,915 
Butterfly Network, Inc. Series D 5/4/18 $6,759 
Butterfly Network, Inc. 5% 5/21/22 5/19/20 $4,032 
Coupang unit 6/12/20 $5,509 
New Academy Holding Co. LLC unit 8/1/11 $6,956 
Space Exploration Technologies Corp. Class A 4/8/16 - 9/11/17 $5,981 
Space Exploration Technologies Corp. Class C 9/11/17 $110 
Space Exploration Technologies Corp. Series H 8/4/17 $1,022 
Sweetgreen, Inc. Series C 9/13/19 $27 
Sweetgreen, Inc. Series D 9/13/19 $437 
Sweetgreen, Inc. Series I 9/13/19 $1,029 
Utica Shale Drilling Program (non-operating revenue interest) 10/5/16 - 9/1/17 $2,799 
Utica Shale Drilling Program (non-operating revenue interest) 10% 10/5/23 10/5/16 - 4/5/18 $5,577 
WME Entertainment Parent, LLC Class A 8/16/16 $7,349 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $165 
Fidelity Securities Lending Cash Central Fund 577 
Total $742 

Amounts in the income column in the above table include any capital gain distributions from underlying funds. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.  Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security’s underlying assets and liabilities. 

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

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